Janet Yellen issued her final official interview as Fed Chairman: Lil High...

Janet Yellen ended her long career at the Federal Reserve with concerns over how high the stock market has surged under her watch.

The S&P 500 has soared 315 percent since the March 2009 bear market lows and about 53 percent since she took over as chair of the central bank in 2004.

Yellen said in an interview with CBS News that market valuations are the source of some concern as she headed into private life following a 14-year Fed career, the last four as the chair. She spoke as the market finally took a breather from what has been a breathtaking move higher, with the Dow industrials falling 666 points Friday.

“Well, I don’t want to say too high. But I do want to say high,” she said. “Price/earnings ratios are near the high end of their historical ranges.”

In addition to elevated equity prices, Yellen also said commercial real estate is “quite high” compared with rents.

But not to worry – another wise, Creature-approved acolyte of economic deception will be along Monday… The interests of the bankers are in good hands. And, it’s really them that matter the most, right?

HSBC Holdings Plc, Citigroup Inc. and Morgan Stanley see mounting evidence that global markets are in the last stage of their rallies before a downturn in the business cycle.

Analysts at the Wall Street behemoths cite signals including the breakdown of long-standing relationships between stocks, bonds and commodities as well as investors ignoring valuation fundamentals and data. It all means stock and credit markets are at risk of a painful drop.

Ron Paul says the drop could be up to 50%. He and Jim Rogers, etc. have been saying this for a while now. Even the Fed has begun issuing CYA statements. Nothing lasts forever and we’re overdue for a correction. Prepare now if you can.

In a voicemail to employees on Sunday, Blankfein said diversity was a hallmark of Goldman’s success, and if the temporary freeze became permanent, it could create “disruption” for the bank and its staff.

“This is not a policy we support, and I would note that it has already been challenged in federal court, and some of the order has been enjoined at least temporarily,” Blankfein said, according to a transcript seen by Reuters.

In Silicon Valley, the heads of companies such as Apple and Facebook swiftly denounced Trump’s immigration ban. But the rest of corporate America has been more circumspect in speaking out, underscoring the sensitivities around opposing policies that could provoke a backlash from the White House.

Tepid responses from many of Blankfein’s peers made his comments all the more potent, especially because Goldman has gotten attention for the number of its alumni who have joined Trump’s administration.

I still question strongly the need for any Goldman alums in the administration, the fed, or, really, anywhere on Earth. These are among the most evil of the bankster clan. Their ties to Middle East turmoil and terror have been previously noted here and elsewhere.

That they are against this measure, by itself means the President is right.

A little cartoon explains so much. Sunday I posted the day’s Pearls Before Swine cartoon. I said it “accurately and easily sums up your relationship with the criminal banking industry.”

Pastis, 11/27/16.

That was Sunday. Today, just two days later, Donald Trump started to bring the cartoon to life. Maybe. Perhaps. Just replace “your congressman” with “your president-elect” and “C.E.O.” with “Gary Cohn”.

These are two of the “banksters” that I routinely call for driving into the sea. Will we see them instead driven into Washington?

Let me play devil’s advocate here for a second. (And I’m not sure which devil I’m advocating for…) Both Trump and Hillary were and are in DEEP with the banksters. Their relationships are, however, a little different.

Hillary works(ed) for Wall Street and in particular for Goldman. She was their go-to gal in D.C. (and Libya, etc.). They paid her and she did as they said. Trump is (or was) a borrower, a customer to the banks. His business strategy was such that by using insanely large debts he controlled the lenders. They did what he said or he would threaten default and bankruptcy. It actually worked out well for both parties.

Many who analyze these choices seriously may come to those same conclusions. They may say that Hillary, had she been elected, would have worked for her masters, whereas Trump will master them. He may view them as enemies and want them closer than his friends, where he can keep an eye on them. Knowing his unusual associations, this may be true. If so, it could be one of the greatest political power plays in American history. If not, then it could be one of the biggest blunders.

I’m honestly hoping for the former while fearing the latter. I certainly support the concept of “make America great again”. However, my American allegiance is to freedom, not to any candidate or politician. I do not support the money changers.

Bad news for aspiring entrepreneurs: Now might not be the best time to launch your own business.

Total entrepreneurial activity in the U.S.—measured by the number of people starting and operating new businesses—fell to 12% in 2015, from 14% in 2014, according to a report released Tuesday by Babson College. The drop reverses upward growth in small business activity during the previous four years.

The findings could indicate that employees are satisfied with their jobs and unwilling to strike out on their own. But the research could also show a lack of confidence in the small business environment in the wake of the recession, Babson professor Donna Kelley told CNBC. The Small Business Optimism Index, a metric from the National Federation of Independent Business, has remained below its 42-year average since the recession.

I find it interesting that commentators keep throwing around “since the last recession” and “the wake of the recession” so much. Are they talking about the 2008 financial crisis recession? You know, the one that will soon be a decade past. Or do they really mean the current or immediate future recession? We are historically overdue.

Ebay.

This story is a little personal for me as I launched (full-time) my small business this summer. I’ve had several in the past – all failures. This time will be different (as I’ve said before). A business idea, even if it’s the very best idea in the world, isn’t easy to get off the ground anymore. Big, existing, and stagnant business dinosaurs join with the government to make the start-up process as painful as possible.

Aside from the licenses, taxes, regulations, inspections, prohibitions, and general meddling, the corporatist/banking/state cabal has seen to it that your potential customers and investors are not in the best position to help you with your incredible idea launch – they too still recover from “the last recession”.

It’s amazing that any small business starts today. I’m not so sure about that idea of employee satisfaction with existing work. CNBC reports on the woes of “regular” employment, the loss of jobs and pay, even on Wall Street. This story deals with Wall Street banks – those very entities that OWN America… If their employees are getting the short end of the stick, what does that suggest about the rest of the workforce?

Anyway, I’m plowing ahead with my new enterprise. Of late I have finally developed an email list of sorts. Someone important once said, “You’re an idiot if you don’t have a list.” I was an idiot up until last week… In my defense, I was still recovering “from the recession.”

Eric Peters. I love his link to Red Barchetta, live in 1980. If you understand the inclusion, you see the problem.

The People will absolutely love the “freedom” gained by this loss of freedom. They will be free to get high, sleep, keep up with the Kartrashions, etc. while a computer decides their fate on the highways. Brilliant!

Lately, the folks have been busy waving flags, both of the rainbow and ancient martial varieties. The government rodents and their masters have been busy too. While the factions feuded Congress and Obama bowed lower to the New World Order, passing the latest nefarious trade act. Greece and Europe are falling into fiscal oblivion. China’s economy mirrors the West of 1929. The NYSE stopped trading due to a “glitch.” The sky hangs by a thread.

The good news, joining these stories together, is that the Collapse will necessarily hamper the drive to neuter drivers. There’s associated bad news but, hey, when the time comes the system will prepare a lovely diversion for that too.

Have you ever been to the Yankee Capital on the Potomac? I have. The place stinks of corruption and swamp gas (mostly corruption). The air is heavy with a dread sense of impending doom. It is the opposite of Disney Land. It is the least happiest place on earth.

Washington is overrun with an odd assortment of con artists, criminals, psychopaths and their sycophants. Worst of the worst are the elected trash under the Capital dome and at 1600 Pennsylvania Avenue. These grafting lunatics continually foist scheme after scheme on the unenlightened American People. They want everything: your money, your freedom, your property, your children, your obedience, and your very lives. These otherwise unemployable degenerates are the front men for what George Carlin used to call “The Big Club.” It’s an organization of wealthy pirates, money changers, politicians and other villains.

The Club gets what it wants – everything – all the time. Watch and listen as George lays it all out (around 2:00 min. in he states my title):

Lately, the Club has been pushing another criminal trade act. I commented on the Act (H.R. 1314) last time I rambled. Normally, I let these things go with one or two posts but this one is special, unusual. The anomaly lies in the relentless bi-partisan way this Bill is being rammed through the legislative process.

The Act itself is the work of President Obama (a Democrat). It has nominal Democratic support in Congress. The fighting power behind this insane drive comes from the Republicans in Congress (Republicans are the opposite of Democrats, remember?).

The purpose of this satanic work of corporate lobbying and largess is to steal the last of your money and employment and deposit them into the greedy, dirty hands of foreigners and Wall Street banksters.

There are a number of uncomfortable truths associated with American politics. One is that Republicans, supposedly the though, all-American, good old boys, are some of the most spineless wimps every embodied. They roll over for anything and everything. Obamacare: they let it ride. Crushing debt: they fight it until they don’t. Babies being murdered by the millions: they are “outraged” if impotent. These losers normally provide a little surface friction for the cameras and then let anything go. It’s their role under our ONE PARTY SYSTEM. Imagine professional wrestling with a all “heels” cast.

This time around the GOP is fighting like wild banshees, fighting like nothing I’ve ever seen in my lifetime. Paul Ryan, Mitch McConnell, and company are risking everything on this one. They have taken Obama’s pass and are headed to the end zone come hell or high water. Like Tom Brady they may have to take a short suspension for cheating but they will win this one – for the Club.

In a separate but related story Sen. Orin Hatch (R, Utah) has introduced a Bill to help more foreigners take jobs from you via the H1-B visa program. He will get his way on this. The Salt Lake Tribune opines he should seek to fix the program instead of expanding it. Why not just end it and let Americans make a living in America? Oh yeah, that doesn’t benefit the Club.

The Club, like the WWE, knows it has a PR problem. After decades of being screwed over, even the dumbest, slowest American sap begins to suspect something is amiss. Enter a “face” character, a hero for the common man – cut from uncommon cloth. Last night on CSPAN I watched Donald Trump lay out his bombastic, non-specific plan to save the Nation. The Donald is running for President.

No donors required! Forbes/Getty.

Trump is the “outsider” in a field of some 6,000 or so Republicans seeking the most dishonest job under the sun. I heard him say things that made him stand out. I liked a lot of it. Most of it sounded like a sales pitch. That’s the beauty and wonder of Donald Trump – he is the best salesman in the world. He said many of the right things. He cursed and called our current crop of idiot “leaders” out as just that – stupid people unqualified for their positions. I liked that part. He also told the cheering crowd (watch for yourself) he would make America great again. I really liked that. He stated some plain and uncomfortable truths; he said what few others dare. I loved it. Can he deliver?

Many slick salesmen don’t deliver the goods they promise. Trump usually does. When he boasts about a new skyscraper with the best of everything under its roof, a magnificent structure will surely follow. Can he deliver in the political field? Real estate development is a noble endeavor. Trump excells at it. He builds real things that benefit real people. That’s what development is all about. Politics is about lies, deception, illusions and anything but useful creation.

I don’t think The Donald will fit in. I don’t think he can be the change needed. I think Ron Paul was the last hope for that – back in 2008. Now, it would seem a little to late to retool and rebuild. The hope now is in mitigating the damages and preparing for a new future. Part of me hopes I’m wrong and that we are not past the point of no return. Part of me hopes to get to the future (hopefully one without the Club) as fast as possible – a little pain for a while then a fresh start. Time will tell.

Beyond Trump’s pomp and sales pitch I heard several nuggets which plainly proclaimed Trump to be a $9 Billion business as usual candidate. Trump is opposed to the afore-mentioned Trade Act. He also says he will “repeal and REPLACE” Obamacare. I’ll bet he has plans to replace the Trade legislation too. That will not cut it. Abstinence is the only deal with the devil which ever pays off. One cannot tune the forces of darkness to one’s whims and expect peace.

Similarly, Trump says he will “save” Social Security. This echoes the age-old Republican mantra of shoring up, replacing, privatizing, or re-working that failed communist program. Abolishing it is never an option. No mind that we did just fine as a country for 159 years without such welfare confiscation. Re-imagined evil is still evil.

Remember all of this should you shuffle into a voting booth next fall. Your vote, be it for the billionaire, the old hag, ANOTHER BUSH, the shirtless cool dude, etc., will be in vain. The spirit of Carlin and I will waiting on you down the street at the cigar club or the gun range.

Recently I wrote of the coming wave of destructive evil from Washington (the latest, as that tide ever brings the same). Courtesy of Barry Obama and John (the tan smoker) Boehner “your” federal government is moving towards new, secret, and purely ruinous foreign trade powers.

Frequently I deride the horrors of politicians and politics in general – see these links for details. The New York Times and NPR report that, as of Friday, the malicious train of ObamaTrade has been temporarily derailed. I say temporarily because things like this are usually a done deal once they start.

“Eighty-six Republicans voted for the program, more than double the 40 Democrats who supported it. But the trade adjustment assistance bill failed when 303 voted against it.

Republican leaders then passed, in a 219-to-211 vote, a stand-alone bill that would grant the president the trade negotiating authority he sought. But that measure cannot go to the president for his signature because the Senate version of the legislative package combined both trade adjustment and trade promotion.” New York Times.

I was pleased the popular press reported on this issue – they lacked the zeal these reserve for important stories (say, about Caitlyn Jenner) – but they did, at least, report. I was a little dismayed they left off important reference information for the inquisitive public. The Bill in question is H.R. 1314(EAS), the Trade Act of 2015.

This gem of K Street legalese would, among other things, amend the Tax Code of 1986 in order to help large organizations make more money at your expense. It would also grant the President new and unprecedented unilateral trade powers. Pay no heed to that Congressional consent nonsense in the Constitution.

Get a load of this:

(b) Principal Trade Negotiating Objectives-
(1) TRADE IN GOODS- The principal negotiating objectives of the United States regarding trade in goods are–
(A) to expand competitive market opportunities for exports of goods from the United States and to obtain fairer and more open conditions of trade, including through the utilization of global value chains, by reducing or eliminating tariff and nontariff barriers and policies and practices of foreign governments directly related to trade that decrease market opportunities for United States exports or otherwise distort United States trade; and
(B) to obtain reciprocal tariff and nontariff barrier elimination agreements, including with respect to those tariff categories covered in section 111(b) of the Uruguay Round Agreements Act (19 U.S.C. 3521(b)).
(2) TRADE IN SERVICES- (A) The principal negotiating objective of the United States regarding trade in services is to expand competitive market opportunities for United States services and to obtain fairer and more open conditions of trade, including through utilization of global value chains, by reducing or eliminating barriers to international trade in services, such as regulatory and other barriers that deny national treatment and market access or unreasonably restrict the establishment or operations of service suppliers.
(B) Recognizing that expansion of trade in services generates benefits for all sectors of the economy and facilitates trade, the objective described in subparagraph (A) should be pursued through all means, including through a plurilateral agreement with those countries willing and able to undertake high standard services commitments for both existing and new services.

– H.R. 1314, Sec. 102. TRADE NEGOTIATING OBJECTIVES.

More:

(4) AGGREGATE REDUCTION; EXEMPTION FROM STAGING-
(A) AGGREGATE REDUCTION- Except as provided in subparagraph (B), the aggregate reduction in the rate of duty on any article which is in effect on any day pursuant to a trade agreement entered into under paragraph (1) shall not exceed the aggregate reduction which would have been in effect on such day if–
(i) a reduction of 3 percent ad valorem or a reduction of 1/10 of the total reduction, whichever is greater, had taken effect on the effective date of the first reduction proclaimed under paragraph (1) to carry out such agreement with respect to such article; and
(ii) a reduction equal to the amount applicable under clause (i) had taken effect at 1-year intervals after the effective date of such first reduction.
(B) EXEMPTION FROM STAGING- No staging is required under subparagraph (A) with respect to a duty reduction that is proclaimed under paragraph (1) for an article of a kind that is not produced in the United States. The United States International Trade Commission shall advise the President of the identity of articles that may be exempted from staging under this subparagraph.
(5) ROUNDING- If the President determines that such action will simplify the computation of reductions under paragraph (4), the President may round an annual reduction by an amount equal to the lesser of–
(A) the difference between the reduction without regard to this paragraph and the next lower whole number; or
(B) 1/2 of 1 percent ad valorem.

– H.R. 1314, Sec. 103, TRADE AGREEMENTS AUTHORITY.

Make any sense to you? Of course not. And, this is the part that is open for public inspection. A shadow bill, the real law, is still locked up and under armed guard in the Capital basement vault. What kind of government operates like this? Sadly, “ours’ does.

(Breitbart.)

Members of the respective houses of Congress can (allegedly) enter the vault to read the shadow text. Rand Paul did so. “’I think I am not supposed to reveal the details of it, but I can tell you it was about 800 pages long,’ Paul said.” Breitbart. “Paul said he thinks the secretive process makes it look like the government has “something to hide” and that he thinks if Obama opened up the process it’d make it easier for several Senators—and the American people—to truly understand what it is they’re voting on.” Id.

They do have something to hide. They always do. The details are in the vault, so to speak. The fact that a U.S. Senator has to keep mum about the text demonstrates this without question.

Another telling facet is the desperation among Republicans and the White House to pass this filth. “The fate of the trade legislation now depends on Obama’s ability, along with business-friendly interests, to persuade dozens of Democrats to switch their votes before a planned do-over vote early next week.” Washington Post.

The President is literally pleading with his own party to help him screw the American People. He’s already won over many of the “loyal opposition.” At a Washington Nationals ballgame last week “a bizarre scene unfolded as the crowd crammed inside Nationals Park lurched into a chant about the legislation. ‘TPA! TPA! TPA!’ chanted Republican congressional aides seated near the first base dugout when Obama stepped onto the field at the top of the fourth inning.” Fox News. “TPA” refers to Trade Prostitution Act.

Another telling feature is the desires of large U.S. corporate interests to pass the Bill. The more power their political puppets have, the more money they can make. You and your retirement plans be damned. “’Manufacturers will not back down in this fight for expanded trade, for the future of our industry and our country,’ the National Association of Manufacturers said in a statement.” Business Leaders React With Dismay to Defeat of Trade Bill, New York Times. Naturally, they have yachts to buy.

Some out here in the real country get it. “Do you remember back in the 1990s when the United States entered into the North American Free Trade Agreement (NAFTA)? And the subsequent Central American Free Trade Agreement (CAFTA)? These trade agreements have not worked out well for American workers. American jobs went to Mexico. American workers were laid off and communities devastated. American companies, just to increase their profits, built their production plants in Mexico and paid their workers pennies on the dollar for their labor.” Remember NAFTA and CAFTA? Well, here comes SHAFTA, Economy in Crisis.

Unfortunately, we have not learned our lesson — even after two decades of failed trade agreements. Right now Congress is considering entering into another trade agreement with South Pacific countries named the Trans Pacific Partnership, otherwise known as TPP. However, this trade agreement is even more onerous than previous failed trade agreements.

* The TPP was constructed in secret by corporations. Congress and the public had no input. This is fundamentally undemocratic and undermines transparency in government.

* It is a trade deal that increases corporate power and CEO bonuses.

* Thousands of jobs out-sourced to countries that do not respect human rights or worker’s rights.

* It allows transnational corporations to sue countries if they believe they have been harmed (sometimes speculatively) in a trade agreement written by corporations and behind closed doors.

* Expands the deregulation of banks, hedge funds and insurance companies. Remember the Wall Street crash of 2008 due to deregulation? Regulations keep corporations honest and prevent them from harming us.

* Harms environmental regulations in counties that are part of the TPP.

The corporations are now done writing their secret trade agreement, and Congress now has to vote up or down on the law. The Obama administration is seeking “fast track” authority from Congress in order to complete the negotiations. This means there will be no committee hearings, expert testimony or amendments. The Obama administration is taking this anti-democratic approach because they know if this treaty was debated, it would never become law.

– SHAFTA, Id.

Read that again. Let it sink in.

Last week, prior to the vote and temporary corporate profit defeat, I called my Congress Critter, one Rick Allen, for his input. While I live in his District, he does not necessarily represent me. Since the departure of Ron Paul I have had no semblance of representation in Washington. So it goes.

Amerika being what it is these day I was unable to speak directly with my employee. Rather, I had a conversation with a polite young fellow named Eric. He laughed and admitted, yes, much of the Bill is secret. (F’ing hilarious!) He did note that I could read all about the public parts – see Thomas quotes, above. True to his position and the nature of his work he would not say definitively whether my boy Allen was in favor of sending more jobs oversees and more money to Wall Street.

As an aside, Allen did vote against the Bill. Then he immediately voted to keep it alive for future consideration. How very political of him.

Eric was well aware of the TPA chant at the baseball game. Though he was not present he did state that several of his office mates were. I warned him of what Marcus Aurelius said about this kind of thing. The Roman leader and philosopher was solidly against jingoistic public displays of partisan passion. My warning was likely lost – then and now.